Updates


December
2020

Further to our direct taxation newsletter issue 17/2020, we would like to inform you that the Minister of Finance has granted an additional extension to the deadline for submission of the Income Tax Returns (T.D.1) and payment of final tax for the tax year 2019, from 30 November 2020 to 15 December 2020

November
2020

The Cyprus Securities and Exchange Commission ("CySEC") wishes herein to provide guidance to the Cyprus Investment Firms ("CIFs") on issues relating to crypto assets. This circular deals with the prudential treatment of crypto assets and financial instruments relating to crypto assets, as well as, how the risk management procedures of CIFs should be enhanced.

November
2020

We would like to inform you that the deadline for the payment of the second temporary tax instalment for the tax year 2020 is on 31st of December 2020.

November
2020

The European Banking Authority ("EBA") published a Report on the effects of the unwind mechanism of the liquidity coverage ratio ("LCR") over a three-year period, from the end of 2016 to the first quarter of 2020.

November
2020

Within the scope of its mandate for market supervision and ensuring the compliance of Regulated Entities with the legislation in force, the Cyprus Securities and Exchange Commission ("CySEC"), wishes to inform the Regulated Entities to examine their records in order to identify whether they maintain or have maintained during the last five (5) years, a business relationship with customers and/or customers’ beneficial owners who have acquired, either themselves or their spouses and/or their children, Cypriot citizenship under the Cyprus Investment Program ("CIP").

November
2020

The Cyprus Securities and Exchange Commission (the "CySEC") wishes with the present Circular to draw the attention of Regulated Entities to their obligation to comply with their EMIR Reporting requirements at all times.

November
2020

We would like to inform you that on the 02 November 2020, the legislation N.147(I)/2020 (“New Law”) amending the Cyprus VAT Law N95 (I)/2000 (hereafter “the Law”) was published in the Official Gazette of the Government.

November
2020

The Cyprus Securities and Exchange Commission ("CySEC") whishes to inform about the information to be submitted on the basis of the European Supervisory Authorities ("ESAs") Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions - (the ‘’AML / CFT Colleges Guidelines”).

October
2020

The Cyprus Securities and Exchange Commission ("CySEC") has proceeded (through on-site inspections) to evaluate the policies/procedures established and implemented by AIFMs regarding their compliance with some operational aspects relating to the organisational requirements and the delegation of functions ("the Inspections").

October
2020

The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") specifying the prudential treatment of software assets.

October
2020

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has updated its public register with the latest set of double volume cap ("DVC") data under the Markets in Financial Instruments Directive ("MiFID II"). For more information please press here.

October
2020

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law’").

October
2020

We would like to inform you that on the 20 August 2020, the legislations N.121(I)/2020 and N.122(I)/2020 (“New Law”) amending the Cyprus VAT Law N95 (I)/2000 (hereafter “the Law”) were published in the Official Gazette of the Government.

October
2020

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Regulated Entities regarding the new version of the form of the quarterly statistics for the Management Companies and SelfManaged Funds.

October
2020

The Cyprus Securities and Exchange Commission ("CySEC") recently carried out a review of the quality of information reported to CySEC by AIFMs ("the Review").

October
2020

The Cyprus Securities and Exchange Commission ("CySEC") wishes, with this circular, to inform the Regulated Entities, that the European Securities and Markets Authority ("ESMA") issued on July 16, 2020, the official translations in all EU official languages (including translation in the Greek language), of its Guidelines on Liquidity Stress Testing ("LST") in UCITS and AIFs ("the Guidelines") with reference number ESMA34-39-897 EN.

October
2020

The European Securities and Markets Authority ("ESMA"), the EU securities markets regulator, publishes its second Trends, Risks and Vulnerabilities ("TRV") Report of 2020. A webinar open to the public will be held on 9 September to present the report.

October
2020

The European Securities and Markets Authority ("ESMA"), the EU securities markets regulator, confirms that the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation ("MMFR") will be updated in 2020 to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis.

October
2020

The European Banking Authority ("EBA") published 12 indicators and updated the underlying data from the 37 largest institutions in the EU, whose leverage ratio exposure measure exceeds EUR 200 billion.

October
2020

Due to COVID-19 outbreak, European Insurance and Occupational Pensions Authority ("EIOPA") is carrying out extraordinary calculations every two weeks to monitor the evolution of the relevant risk-free interest rate term structures ("RFR") and the symmetric adjustment to equity risk ("ED"A).

October
2020

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published twelve opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation ("MiFID II/MIFIR").

October
2020

Following Circular C373 issued on March 31, 2020, with regards to the reporting/notification deadlines amid the impact of COVID-19, CySEC wishes to inform CIFs that the deadline regarding the submission of the COREP forms based on the audited financial statementsis further extended until 31 August 2020.

October
2020

Following Circular C211 on the "Expansion of CySEC Portal to include CIF Record Content", which requires CIFs to submit to the Cyprus Securities and Exchange Commission ("CySEC"), via the CIF Record, data relevant to their services and/or activities, CySEC wishes herein, to remind CIFs on the implementation of the CIF Record and to inform them on the actions that should further be taken with regards to this matter.

October
2020

The Cyprus Securities and Exchange Commission ("CySEC"), wishes with this Circular, to inform the Regulated Entities regarding the Covid19- related Money Laundering and Terrorist Financing Risks and the Policy responses of FATF.

October
2020

Further to our direct taxation newsletter issue 06/2020, we would like to inform you that the Minister of Finance has granted an additional extension to the deadline for submission of the Income Tax Returns (T.D.1) and payment of final tax for the tax year 2019, from 30 October 2020 to 30 November 2020.

October
2020

We would like to inform you that the Cyprus Tax Department (“CTD”) has announced that the 2019 personal Income tax Return (T.D.1 form), for employees and self-employed individuals with no requirement to prepare audited financial statements, is now available for submission through TaxisNet system.

October
2020

In August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus – Russia Double Tax Treaty (DTT). The new Protocol was signed on 8 September 2020 in Nicosia and has been published in the Government Gazette on 11 September 2020.

October
2020

The Cyprus Parliament has proceeded with the amendment of a number of provisions in the Assessment and Collection of Taxes Law 4/78. The amendments have been published in the Government Gazette on the 20 August 2020 and relevant circular has been issued by the Cyprus Tax Department on 28 August 2020.

October
2020

We would like to inform you that the following amendments in the Income Tax Law which concern the tax treatment of intangible assets (other than intangible assets which benefit from the transitional provisions of the old Cyprus IP Regime) have been published in the Government Gazette, with effect as from 1 January 2020.

October
2020

Following the amendment of the relevant EU Directive allowing EU Members an option to defer the time limits for the filing and reporting of cross-border arrangements under DAC6, the Cyprus Tax Department announced a six month deferral in reporting.

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